OPEC decides to cut oil output by 4.2 mn barrels/day

New Delhi: The world oil cartel, OPEC, on Wednesday agreed to cut output by a record 4.2 million barrels a day to balance slowing demand.

The 12 members of the Organisation of the Petroleum Exporting Countries have been under severe strain as crude prices have fallen below $100 a barrel from a peak of $147 in July.

The oil cartel is planning to sustain demand at about $75 per barrel.